Low on funds According to sources, Byju's has filed a case with the National Company Law Appellate Tribunal (NCLAT) challenging the recent ruling of the National Company Law Tribunal (NCLT) that granted the Indian Cricket Board's request to file for bankruptcy against the edtech company.

Byju's requested that the plea be considered either immediately or on July 19, according to reports. During the next week, NCLAT might be able to hear the case.

"Byju's has asked as quickly as possible an urgent hearing from NCLAT. According to a person with knowledge of the development, it might occur this week or next week.

The Board of Control for Cricket in India (BCCI) submitted a petition requesting admission of Byju's, formally known as Think and Learn Pvt Ltd, into the Corporate Insolvency Resolution Process (CIRP) on the grounds of outstanding debts of ~158.90 crore.

According to reports, Byju's senior lawyer Abhishek Manu Singhvi stated that the corporation is willing to deposit the full ~158 crore in one installment within a month.

On the matter, Byju's declined to comment.

Byju Raveendran, the originator of the company, no longer has immediate authority over it as a result of the NCLT's order. A bankruptcy specialist was designated by the tribunal to supervise day-to-day activities throughout the proceedings. Pankaj Srivastava has been appointed by the NCLT as the interim resolution professional (IRP). As the committee of creditors (CoC) is forming, Byju's time is running out.

The source stated that Pankaj Srivastava had gone to the Byju's office to get ready to take charge of the day-to-day management of the business. "Byju's is attempting to adhere to the NCLT directive."

The workforce at Byju, which has decreased from about 15,000 members at the end of 2023 to approximately 13,000 presently, is uneasy due to the NCLT's directive.

BCCI asserted last year that Byju's was in arrears on a ~158 crore payment. It filed for corporate bankruptcy at the NCLT against the struggling edtech company.

As part of a reorganization effort, Byju's chose to fire some 4,000 workers earlier this year, according to sources.

Byju's partnered with the BCCI, International Cricket Council, and Federation Internationale de Football Association on three major branding projects last year. The corporation had stated that it would not renew any of them, but they were scheduled to expire in 2023. Afterwards, Dream11, a gaming company, took over as Team India's jersey sponsor from Byju's, in a deal that cost the business ~358 crore. This happened not long after the BCCI declared it was searching for a jersey sponsor following the unexpected termination of its agreement with Byju's.

Among the many difficulties facing Byju's are a serious cash shortage, late financial reporting, and numerous legal conflicts with investors and lenders. In an effort to collect payments, at least seven vendors have also filed an NCLT against Byju's.

This involves a dispute centered on the $200 million rights issue of the company between Byju's and its investors at NCLT, with claims of oppression and poor management. Prosus, General Atlantic, Sofina, and Peak XV (formerly Sequoia), investors, have challenged the valuation as less than 99 percent of Byju's peak valuation of $22 billion, and have requested a hold on the rights issuance.